ICICI Bank introduces LOTS (Loan on the Spot) Car Loans

Mumbai (ICICI Bank) February 12, 2007 -- ICICI Bank, India’s second largest Bank and a leader in Retail Banking, today announced a new initiative in its Car Loans segment. ICICI Bank has introduced an innovative service “LOTS” (Loan on the Spot) in the Car loan division for its existing saving account customers.

LOTS is an innovative automated channel to facilitate easy loans and is a convenience offered to the existing savings account-holders of ICICI Bank. A customer can get a pre-approved offer on the swipe of the Debit Card. The Electronic Data Capture (EDC) terminal placed at select automobile dealerships will now be used as an automated channel for delivering pre-approved Car loans to the customers. With LOTS there is no need to call up call centre.

In the first phase, LOTS will be available for Car Loans in 10 cities namely Mumbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore, Pune, Ahemdabad, Chandigarh and Jaipur.

Commenting on the launch Mr. Rajiv Sabharwal, Senior General Manager, ICICI Bank, said, “Flexible schemes and quick processing of the loans coupled with convenience has always remained the priority at ICICI Bank. We at the Bank constantly innovate and offer the best of schemes/services to our customers.” How does LOTS Work?

A customer who wants to buy a car moves into the dealers shop and chooses a car. If the customers is an existing ICICI Bank savings account holder and holds a Debit Card then the customer can check the pre-approved loan offer on the spot by swiping the debit card.

The EDC terminal installed at the dealer’s outlet ejects a printed slip which gives offer details along with the unique number generated for the customer. The dealer can use this pre-approved offer slip to obtain a sanction from ICICI Bank within an hour.

About ICICI Bank:

ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years presence in financial services and with assets of Rs. 2,823.73 billion as on September 30, 2006. The Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, private equity and asset management. ICICI Bank is a leading player in the retail banking market and services its large customer base through a network of over 660 branches and extension counters, 2,350 ATMs, call centers and internet banking (http://www.icicibank.com) to ensure that customers have access to its services at all times.

ICICI Bank Limited, ICICI Bank Towers, Bandra Kurla Complex

This release was published on openPR.